Archdiocese of New York borrows $120M two years after disclosing it would borrow for victims’ fund

The Archdiocese of New York as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $120 million for 3 parcels, including the tax class luxury type hotel built prior to 1960 (H1) at 455 Madison Avenue, 35 East 50th Street, 457 Madison Avenue in Plaza District. The deal closed on November 6, 2019 and was recorded on November 12, 2019.
The Archdiocese disclosed in 2017 that it was going to borrow $100 million to pay into a fund that would compensate victims of sexual abuse by clergy.
The property contains a total of 832,240 square feet of built space. The property has 56,256 square feet of available development rights.
The average loan per buildable square foot is $130.
The Archdiocese loan is composed of a $70 million term loan and a $50 million multi-draw term loan, according to city records. The last time an interest in the property sold was August 28, 2015, when the owner of the hotel Lotte New York Palace acquired the ground lease for $594,600,000. The church owns the fee interest.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link